New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-09

MISSION
The following letter upon varions phases OF the
silver question has been addressed by the Hon.
Edwards Pcrrepont to Senator Beck. of Kentucky
IN response to recent expressions of the Senator
bearing OH the same sui beet:
No 1O3 FIFTH-AvH. Nov o. 1887.
zae Honorable JAMES b. BECK, Q. s. Senator
MY DEAR SIR: What your letter says about coin
notes have read with interest but Judging from the
report Of the Bankers Convention held at Ptsburg
last month. think that you will renewed effort
TO suspend silver coinage indefinitely. On page 60
Of the report Is the following:
The british Government has appointed Royal
Commission to investigate the silver question: which
has made preliminary report adverse to the double
standard. As tho assent Of England has boon recog
nszed by the most eminent blmetasts essential 10
any efectua agreement upon the silver question: the
committee recommend that ills association delay &C
for the present. and wat the final report OF the
Rosa Commission to Parliament and the action OF
recommends that the coinage of silver dollars by tn.
United states under the act OF February, 1873, be
suspended until tho points at issue OF the silver ques
tion be settled by International agreement.
This means an indefinite suspension Of silver coin
age-and nothing else; It IS well known that the
sfnsl,' like tho preliminary report will be adverse
to the double Standard Many honest men have been
dulcd into the belief that by suspondng silver
coinage ard force England into Information al
agreement about silver. The smiling contempt with
which the ruling class In England receives this sug
ges'on IS not complimentary to our intelligence. The
suspension OF silver coinage IS exactly what they
Such suspension. they imagine, would largely
Increase the purchasing of their gold however
fallaciOuS this view may prove In the long run, they
entertain it, and 1t Will take many years to change
them. 1t is well understood In Great Britain that II
Congress Will once suspend tho coinage OF silver, the
gold forces Of England and America combined can
prevent its restoration.
Many Of our good citizens believe that England Will
join in bimetallic convention because It would
be manfcstly for the benefit OF tho British PEOPLE,
but such do not appreciate the fact that the British
Government IS not a Government "by the people,
for the people, hut monarchy governing by class
for class 1t will be long before tho idea Of a gov
brnmeni by tho people, for the people, Will be gen
orally entertained In England All the important
governments in Europe have their own system Of
finance suited to their several conditions, and each
would deride the idea that its coinage was to be
pended to await the action Of Congress- and not
one of them asks to tell them when to coin to
suspend their coinage Of silver. After a century Of
freedom from the British Crown after have grown
10 DO nation of sixty Millions with riches far
greater than those Of any people, wo have the
humiliatng proposition to stop coming our silver and
await the report Of Royal Commission and the
action of the British Parliament thereon before we
dare to move another step,
Some tell that We ought to stop the coinage OF
silver because they say that the intrinsic value Of
the silver dollar worth less by 80 per cent than The
gold dollar. This Is an entire mistake In 1861 the
silver dollar Of the exact weight and neness as now
at premium Of 3.42 per cent above the gold dol
lar and for period OF forty next prior to 1873
II was continuously at q premium and In 1881 tho
fod OF the world In proportion to silver was far less
than It is to-day Was the intrinsic valuo Of 100
intrinsic value OF 100 cents OF goldi The legal value
OF . fve-pound Bank OF England note Is I'VE gold
soveregns-the legal value of ten dollar greenbsck
~ gold eagle. But the intrinsic value Of the Eng
lish banknote and the American greenback together
Is nothing: their only value Is a value imposed by
lava fiat valne-there is nothing intrinsic ABOUT 1t.
BY far the chief value Of all coins Is fiat value.
ALI the gloomy predictions about tho coinage OF
oliver In our country have proved false We need